Suburb profile | Newington

The median unit price in Newington in Sydney is $476,500, according to Landmark White.

As the world counts down the hours until the Olympic Games opening ceremony, we take a look at the suburb that housed the athletes village for the Sydney 2000 Games, 12 years on.

Market overview

Newington was more or less conceived during the planning for the Sydney Games, which makes it somewhat of a newborn as far as suburbs go.

This means residents benefit from good planning and modern, high-quality architecture.

The village itself was converted into residential apartments after the Olympic and Paralympic Games. But the legacy of the Games lives on, with the master-planned suburb characterised by its proximity to Sydney Olympic Park, modern apartments and easy access to public transport.

Olympic Park attracts more than just rowdy sports fans, with its restaurants, bars and scenic bike tracks.

“It’s the new Centennial Park [in the eastern suburbs],” says Kym Rogers, sales and marketing manager at Crown Holdings, which developed the Eko apartment complex.

The entire suburb features solar energy generation, water capture and water recycling, making it somewhat of a showpiece for sustainable development.

The median unit price in Newington is $476,500, up 47 per cent since 2000, says Landmark White.

This compares with the median unit price at nearby Auburn, which is $384,000, up 85 per cent since 2000.

Who buys

So has the suburb been a residential success after serving its duties as a home for athletes?

“Completely, people love it,” says Rogers.

“Everyone’s happy, from the empty-nesters to the professional investors to the young urban professionals.”

She cites empty-nesters, or parents whose children have moved out, wanting to be closer to their families as one of the main demographics in the area.

“They have children there [in Newington] who have young kids and because this [the Eko development] is across the road from Woolworths, it provides the perfect home,” she says.

The complex is serviced by Newington Village Shopping Centre, which has a Woolworths and numerous cafes and restaurants.

In focus

On the market from within the Eko complex is a three-bedroom, two-bathroom unit for $630,000. It includes two car spaces, gas-fired appliances, air-conditioning and swimming pool access. Grant Lee from Century 21 has the listing. Rogers says the best features are the resort-like facilities, including a 35-metre heated pool, lifts, gym and a residents lounge., which is so popular it has to be booked in advance.

“We wanted to create a lifestyle for our owners,” she says.

PROS

Master planned suburb, close to amenities and public transport

Close to Sydney Olympic Park

Modern architecture

CONS

It has experienced lower capital growth than surrounding areas, as it is coming off a higher base